The Ho Chi Minh City Department of Construction has granted licenses for only one apartment project thus far in the current year.
At a press conference on Thursday, Vu Anh Dung, deputy head of the Housing and Real Estate Market Development Agency under the city Department of Construction, revealed that the licensed project is a high-end apartment and commercial complex located in District 5.
Dung noted that the supply of new apartments is limited, with only two projects approved in 2022-23 and one so far in the current year.
While his department received two applications seeking permission to sell in the first two months of the year, none met the necessary requirements, and thus, no new projects were approved for sale.
Dung emphasized, “Although there are housing products introduced in the market, these were approved for sale much earlier.” Legal obstacles significantly hinder housing supply.
Over recent years, the department has encountered numerous approved projects facing legal issues related to land use, rendering them ineligible for sale.
According to the HCMC Statistics Office, there are signs of recovery in real estate services.
Some real estate agencies have predicted limited affordable housing supply for this year, but improvements are expected in the industrial land and office segments.